City Economic Profile 2018 / 2019
Westminster Economic Profile 2018 / 2019 | 1 2 | westminstereconomicdevelopment.org | [email protected] Located between Denver and Boulder, Westminster has prime proximity to both the exceptional intellectual capital westminster at a glance available in Boulder, as well as the incredible millennial workforce 113,875 in the metro Denver area. Plus, we’re right in the heart of the U.S. population 36 Tech Corridor connecting Denver to Boulder.
New development is happening throughout the city—transit- 45,446 oriented development, high-density development, mixed-use households development. We’re taking an urban approach to some of our new growth while still maintaining more than 30% of our land 36.7 for open space, parks, and recreation. median age
By car, bus, bicycle, rail, or international airliner, Westminster moves easily. We have a superior multimodal transportation 37.2% network, including an enhanced public transportation system, bachelor's degree or higher two well-maintained highway systems, and a superior regional trail system that connects to over 150 miles of trails. 12.9% Just ask companies like Ball Aerospace, Digital Globe, Zimmer master's, Biomet, and Alliance Data. They’re either putting down roots professional, or doctorate degree or stretching out. All of this growth and expansion is attracting more amenities such as local and national restaurants, hotels, Source: ESRI Community Analyst Census 2016 Data and shopping and entertainment experiences. $64,649 avg. disposable income 821,372 workforce within 10 miles 3 colleges & universities
Westminster Economic Profile 2018 / 2019 | 3 Real Estate
With 26 business parks, 68 retail centers, and over 16 million square feet of commercial space, Westminster has real estate options to meet almost every business need. Comprehensive real estate information, including available demographics and detailed maps, is available through the Economic Development Office at303.658.2108 or [email protected].
Total Rentable Square Estimated Space Space Type Footage Vacancy Rate Available*
Industrial/Flex 3,764,020 2.7% 102,275
Retail 7,785,536 6.4% 494,977
Office Class A 2,502,979 9.9% 249,340
Office Class B 2,837,992 7.4% 209,441
Office Class C 430,664 9.3% 39,959
Source: Costar, City of Westminster, December 2017 *Includes available space that may not be vacant.
4 | westminstereconomicdevelopment.org | [email protected] Westminster Economic Profile 2018 / 2019 | 5 Characteristics of the Local Economy
There are over 4,000 businesses located in Westminster. The business community includes small family-owned companies, service companies, and high-tech manufacturers, as well as national and international headquarters. Top Primary Employers Key Employers by Industry
2018 2017 rank employer employment Aerospace Technology and Information ▶▶ Ball Aerospace ▶▶ Coalfire 1 Ball Corporation 1,182 ▶▶ DigitalGlobe Aerospace and Packaging ▶▶ Epsilon ▶▶ Maxar Technologies ▶▶ LGS Innovations 2 Alliance Data Systems 1,045 ▶▶ Trimble Inc. Network Credit Authorization ▶▶ Polycom Financial Services ▶▶ ReedGroup 3 St. Anthony's North 915 ▶▶ ADS Alliance Data ▶▶ Trueffect Hospital Systems Healthcare Provider ▶▶ Alloya Credit Union Research and Development (formerly SunCorp) 4 DigitalGlobe 809 ▶▶ Cintron Geospace Technologies ▶▶ Citywide Home Loans ▶▶ Plato BioPharma 5 Trimble Navigation 600 ▶▶ Phoenix Financial ▶▶ Protogenic Geopositioning Technologies ▶▶ ServiceLink ▶▶ Syncroness
6 Tri-State Generation 550 Healthcare and Life Energy and Utilities Electric Energy Wholesaler Sciences ▶▶ Kahuna Ventures ▶▶ ARCA Biopharma 7 ReedGroup 477 ▶▶ Tri-State Generation Human Resources ▶▶ AxisPoint Health ▶▶ Stonehenge Energy Management ▶▶ Cerapedics Manufacturing ▶▶ Flagship 8 MTech Mechanical 460 Biosciences, Inc. ▶▶ Air Comm Corp Technologies Group ▶▶ Aspen Electronics HVAC Systems ▶▶ McKesson ▶▶ ProtoMED ▶▶ Ball Packaging 9 Kaiser Permanante 441 ▶▶ Surefire Medical, ▶▶ Springs Fabrication Healthcare Provider Inc. ▶▶ Tenere 10 LGS Innovations 373 ▶▶ Swisslog Research and Technology ▶▶ Zimmer Biomet
Note: Chart does not include retail businesses. Source: City of Westminster Economic Development Office, December 2017.
6 | westminstereconomicdevelopment.org | [email protected] Source: DRCOG Master Employment 2016; City of Westminster Economic Daytime Employment by Industry Development Office, December 2017
4.0% 3.0% Manufacturing Public Administration 1,918 1,459 4.4% 0.1% Transportation, unclassified Warehousing & wholesale 68 2,125 19.3% 5.5% Health, Education Agriculture, & Social Services Mining, Utilities & 9,232 construction 2,658 7.6% Employees Per Industry Finance, Insurance & Real Estate 3,652 47,966 15.1% total employees Retail Trade 7,214 11.3% Administration, Personnel & other support services 5,408 14.5% 15.2% Accommodations, Professional, Technical Food & Entertainment & Information Services 6,945 7,287
Westminster Economic Profile 2018 / 2019 | 7 Transportation
Westminster’s strategic location provides easy and convenient access to the metro Denver and Boulder areas through a superior multimodal transportation network, which includes:
▶▶ An enhanced public transportation system ▶▶ A superior regional trail system ▶▶ Quick access to regional and international airports ▶▶ Two well-maintained highway systems
By car, bus, bicycle, rail, or international airliner, Westminster moves easily.
HIGHWAYS Local Transit Service through RTD runs 17 bus lines that
A comprehensive highway system connects Westminster serve Westminster neighborhoods and Park-N-Rides. to the rest of the metro Denver area and Colorado. Our Service varies between 30 and 60 minutes depending on road system totals approximately 1,102 miles of street the bus route. network, not including CDOT highways. AIRPORTS Direct access to Convenient access to Denver International Airport (DEN) is a 30-minute drive ▶▶ U.S. 36 ▶▶ Northwest Parkway from Westminster. It offers non-stop service to more than ▶▶ Interstate 25 ▶▶ E-470 180 destinations, including London, Frankfurt, and Tokyo. ▶▶ Interstate 70 ▶▶ Interstate 76 Rocky Mountain Metropolitan Airport is adjacent to Westminster. It's Colorado’s fourth busiest airport and ENHANCED TRANSIT NETWORK offers complete U.S. Customs and ground services. The B Line commuter rail line runs between Westminster REGIONAL TRAIL SYSTEM Station (Westminster Station Drive and Grove Street) and Union Station in downtown Denver. Trains run every The city’s trails system provides an alternate means 30 minutes during rush hours and every hour at all other of transportation and has 145 miles of trails connecting times. Travel time is 15 minutes. Westminster. The U.S. 36 Bikeway provides residents and visitors with 18 miles of safe and simple bicycle The Flatiron Flyer is RTD’s bus rapid transit (BRT) service connection to Denver and Boulder. connecting Denver, Boulder, and all points in between. BRTs run every 15 minutes from the U.S. 36 and Sheridan Commuting Solutions has an interactive bicycle map and U.S. 36 and Church Ranch stations. With two stations to help you get around the Front Range area by bike along the U.S. 36 corridor, Westminster residents and and bus. (www.commutingsolutions.org/bike/bikemap) visitors have convenient and reliable options when traveling along the Front Range.
8 | westminstereconomicdevelopment.org | [email protected] N
BOULDER
I-25
UNIVERSITY OF COLORADO BOULDER E-470
US TH AVE
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POTENTIAL EFFERSON PARKWAY POTENTIAL I L E S UNION STATION COLORADO I-70 SCHOOL OF MINES UNIVERSITY OF COLORADO DENVER W
5 M I L E S DENVER I-225 I-70 R H UNIVERSITY
SHERIDAN BLVD SHERIDAN OF DENVER E-470
M I L E S
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Westminster Economic Profile 2018 / 2019 | 9 Community POPULATION (RACE) Westminster is a first-ring suburb of the metro Denver area, with a population of about 80.4% 12.1% 113,000—but that doesn’t begin to describe the caucasian other unique places, neighborhoods, and development projects that can be found across the city. Already known for its great use of open space 6.0% 22.1% asian hispanic or and abundance of parks, Westminster is creating latino denser and more urban spaces, including its persons of hispanic origin may be of any new city hub, Downtown Westminster. 1.6% race african With the arrival of commuter rail, the AGE DISTRIBUTION Westminster Station area is quickly growing Source: US Census Bureau, Census 2010 Data; Community December Analyst, 2017 as an urban core of the community with great connectivity to downtown Denver. Add in
magnificent retail and entertainment districts 19.2% Under 15 12.3% 24 15 to 15.9% 34 25 to 14.2% 44 35 to 13.2% 54 45 to 12.8% 64 55 to 12.4% 65 and older haracteristics of the population C haracteristics and a historic section that is the true heart of the city, and Westminster has a place for everyone. EMPLOYED RESIDENT POPULATION Westminster recently won second place in the BY OCCUPATION National League of Cities’ 2017 Cultural Diversity Awards for the development of the Westminster Inclusivity Board and the innovation it brings to 16.5% 15.9% management service the community.
Additionally, Westminster values a healthy 23.0% 9.9% workplace and has won several awards to prove professional production it. We recently won fifth place in the nation for the Top 100 Healthiest Employer’s Award. We're 24.9% 9.7% the only public employer to receive this award. sales & office construction
10 | westminstereconomicdevelopment.org | [email protected] 34 3,163 145 60 5 6 city size in acres of miles of developed golf recreation square miles open space trails parks courses Centers
GOVERNMENT BUSINESS LICENSE
Incorporated in 1911, Westminster’s council-manager All Westminster businesses must have a business form of government is consistently recognized license to operate in the city. Licenses are available for excellence in management and delivery of full at no cost through the City Clerk’s Office. For services to businesses and residents. Westminster is in information, call 303.658.2162, or visit the city website both Jefferson and Adams counties and enjoys some at www.cityofwestminster.us, click on Business and of the highest bond ratings in the state, including scroll to the Business & Sales Tax Licenses box. AAA, with the leading national rating agencies.
Westminster Economic Profile 2018 / 2019 | 11 Taxes CITY PROPERTY TAX 3.65 Mills
Total city, county, and school tax mill rates vary between 77 and 150 mills, depending on location. Contact the appropriate county assessor’s office for exact mill rates and tax calculations at www.co.adams.co.us or www.jeffco.us.
CITY SALES/USE TAX 3.85%
Total city, county, and state sales tax is 8.35% in Jefferson County and 8.6% in Adams County.
COLORADO TAX 4.63%
The income tax rate for corporations and individuals is 4.63%.
State tax on equipment used for Biotech, R&D, and Manufacturing: None
Sources: City of Westminster Sales Telecommunication Tax Division at 303.658.2065; Westminster has high-tech and high-speed telecommunication structures in cityofwestminster.us; Colorado Department of Revenue at taxcolorado.com, 2017 place for business and home use. Major service providers include: DSL Century Link high-speed cable internet access Sources: City of Westminster Information Comcast Technology Department; City of Westminster Wireless data Fiber optic network Engineering Department, November 2017 Sprint, Verizon, AT&T, and T-Mobile Century Link, Comcast, and Level 3
12 | westminstereconomicdevelopment.org | [email protected] Education ELEMENTARY AND SECONDARY EDUCATION HIGHER EDUCATION
Located in both Adams and Jefferson counties, Major universities, colleges, and professional schools in Westminster offers three excellent public school systems, metro Denver are a quick commute from Westminster. charter schools, and private schools. Advantages of a University of Colorado Regis University Westminster education include low student–teacher Anschutz Medical Campus 10 min regis.edu ratios, gifted-and-talented programs, International 30–40 min ucdenver.edu University of Phoenix Baccalaureate programs, STEM programs, and Colorado School of Mines in westminster phoenix.edu 30 min mines.edu challenging curricula and learning opportunities to meet University of Colorado at the diverse needs of students. DeVry University Boulder in westminster devry.edu 20 min colorado.edu Adams 12 Five Star Schools Jefferson County Public Front Range Community University of Colorado at adams12.org Schools College Denver jeffcopublicschools.org Westminster Public in westminster frontrange.edu 20 min ucdenver.edu Schools Private Schools Metropolitan State University of Denver westminsterpublicschools.org privateschoolreview.com University of Denver 30–40 min du.edu 20 min msudenver.edu
Westminster Economic Profile 2018 / 2019 | 13 Water and Sewer Rates The City of Westminster provides water and sewer service throughout the city.
COMMERCIAL WATER RATES COMMERCIAL SEWER RATES RECLAIMED WATER SYSTEM
A two-tiered rate structure ($6.63 or $6.63 per 1,000 gallons (calculated The system provides a dependable, $8.06 per 1,000 gallons, depending on using average water consumption drought-resistant, environmentally consumption levels) is in effect, with through March billings). sound source of water for irrigation the breakpoint dependent on meter that is less expensive than potable size. A monthly meter service charge water. Reclaimed water rates are is also based on meter size. charged at 80% of the potable rate.
Sources: City of Westminster Public Works and Utilities Department, November 2017. To determine rates for businesses using large quantities of water or to determine availability of reclaimed water, contact the Public Works and Utilities Department at 303.658.2176.
14 | westminstereconomicdevelopment.org | [email protected] Electricity and Gas Service The City of Westminster is serviced by Xcel Energy. For rate information, contact Xcel Energy. www.xcelenergy.com Housing Statistics Westminster’s residential communities include a variety of housing and neighborhoods, from apartments and starter homes to luxury executive homes. New urbanism and mixed-use neighborhoods have been developed, and many Westminster neighborhoods are nestled in and around parks, golf courses, and open space.
single-family rental avg. avg. price vacancy detached townhomes & housing rent per sq. ft. rate homes condominiums 1 bed $1,187.15 $1.74 6.1% Avg. Sales $366,266 $239,258 Price 2 bed $1,299.84 $1.55 4.7% (1 bath) Units Sold 1,410 556 3 bed $1,991.00 $1.63 5.7% Avg. Days 23 17 on Market Source: Colorado Division of Housing, Q2 2017
Source: RE/MAX Alliance, December 2017
AFFORDABLE HOUSING
Westminster has made a commitment to address housing needs because affordable housing impacts the overall prosperity of our entire community by:
▶▶ Stabilizing the workforce ▶▶ Reinforcing smart growth patterns ▶▶ Revitalizing neighborhoods ▶▶ Attracting businesses
Our balanced approach to housing includes an effort to disperse affordable housing throughout the city. It also seeks to provide a range of housing options across the spectrum of incomes. The city is working with developers to provide housing at various income levels and to serve members of the community, such as teachers, firefighters, and nurses, who are struggling to find workforce housing in our current market, as well as senior citizens who want to age in the community they've called home.
Westminster Economic Profile 2018 / 2019 | 15 Economic Development Office 4800 West 92nd Avenue, Westminster, CO 80031 p | 303.658.2108 w | WestminsterEconomicDevelopment.org | @westminsterbiz